Key Highlights

• The market size of the worldwide Intelligent Electronic Devices Industry will surpass US$ 15,457.4 million in 2024, and by 2034, it is projected to reach US$ 32,667.3 million, boosting at a CAGR of 7.7%.

• Intelligent electronic devices (IEDs) are used in industrial control systems (ICS) to achieve maximum efficiency. It is used for power monitoring, measurement, control and communication purposes. They are mostly used in supervisory control and data acquisition (SCADA) or control system (DCS) applications. In manufacturing, the Industrial Internet of Things (IIoT), a technical aspect of the Internet of Things, has emerged with the continuous use of technology and connectivity and has existed in workplaces for many years in the form of machine to machine. M2M) communication. Advances in electronics have accelerated the growth of compact and smart devices. Smart devices communicate between physically connected objects (such as glasses, headphones, microphones, or sensors) via a wireless connection between objects and monitor internal signals for diagnostic evidence. Based on innovation, many smart medical devices have been developed that can predict serious health problems before patients even get sick. It is used in existing GSM mobile phones. Smart cards use encryption and digital signature techniques to ensure maximum security in commercial transactions on the network by identifying the desired product. The concept of smart packaging as time and temperature indicators, freshness indicators and gas indicators is becoming increasingly widespread in the food and healthcare sector. are some notable examples among others. Other applications for smart devices include using smart devices to solve problems such as smart menus in restaurants, optimizing video surveillance, improving work with powerful streaming encoders, monitoring your city and using all connections for next-generation smart gates, automating airport baggage control. -using smart damage reduction to create safe cities, etc.

• In August 2023, STMicroelectronics has launched new products named 45W and 150W MasterGaN Devices. The devices are designed for High-Efficiency Power Conversion. Hence, making it applicable across the industry verticals.

• One of the drivers of the market is the increase in refurbished products. Renovations and improvements also make it more efficient and reduce dependence on human resources. Speed is another driving force in this industry. People's desire to use technology that makes their lives easier has always been high and is expected to increase in the future. As the number of Internet of Things (IoT) applications increases, many opportunities arise for manufacturers. These applications include everything from smart kitchens to smart cities. Therefore, the demand for smart devices that can provide effective and accurate results will increase. These gadgets can work in harsh environments and help eliminate defects. Frequency converters used in high voltage and high current products such as traction motors, DC transmission equipment and large industrial machinery. Increasing automation of business processes is expected to drive business growth due to the increasing need to reduce transmission and distribution (T&D) losses and the consequences of alternating current and radiation.

Scope of the Industry Profile

Segmentation

By Type

• Digital Relay

• Voltage Regulator

• Protection Relay

• Circuit Breaker Controller

• Load Tap Changer Controller

• Recloser Controller

• Capacitor Bank Switch

• Others

By Application

• Automation

• Condition Monitoring

• Traction Signalling & Control System

• Water Supply & Management System

By Industry Vertical

• Automotive

• Energy & Power

• Food & Beverages

• Pharmaceutical

• Manufacturing

• Oil & Gas

• Petrochemical

• Others

Market Trends

• Increasing automation of business processes is one of the key trend driving the growth of the global Intelligent Electronic Devices market. Additionally, the growth is expected to reduce transmission and distribution (T&D) losses and increase the number of transmission lines and electricity produced in the market. Moreover, the growth of substation automation in solar power system and the demand for renewable energy are also supporting the growth of the market. In addition, many governments are working on the development of smart meters in all buildings. This has a positive impact on the demand of IED, as they support electrical automation with the best resources and minimal human impact.

Market Opportunity

• Increasing automation of industrial processes is one of the key opportunity in the global improvised explosive devices market. Additionally, development is needed to reduce transmission and distribution (T&D) losses and the consequences of transmission line changes and increased voltages leading to economic losses. The growth of substation automation in solar energy technology and the further increase in demand for renewable energy are causing the market to expand. Many governments are working on the installation of smart meters in all buildings, which positively affects the demand for IEDs because they can use electricity with low impact on resources and low impact on people. Advances in communication systems are helping to increase the effectiveness of IEDs in monitoring, preventing and controlling, communicating and evaluating use. IEDs are used to monitor circuit openings and record conditions. Those involved in the power and energy industry are constantly trying to create a stable energy grid and introduce new technologies for substation automation. This is an important factor in driving IED adoption and generating revenue for the smart electronics industry.

Key Players

• ABB Ltd. (Switzerland)

• Schneider Electric (France)

• Siemens AG (Germany)

• Cisco Systems, Inc. (U.S.)

• General Electric (U.S.)

• Eaton Corporation Plc (Ireland)

• Honeywell International, Inc. (U.S.)

• Schweitzer Engineering Laboratories, Inc.

• NovaTech LLC (U.S.)

• Toshiba Corporation (Japan)

Recent Development

• In August 2023, STMicroelectronics has launched new products named 45W and 150W MasterGaN Devices. The devices are designed for High-Efficiency Power Conversion. Hence, making it applicable across the industry verticals.

• In February 2019: Leuze Electronics has launched new smart core cables for industry 4.0 applications. The products are enabled with predictive maintenance. The launch is expected to drive the market share the company in the foreseen period.

Segment Insights

By Type

By Type, the market is segmented into Digital Relay, Voltage Regulator, Protection Relay, Circuit Breaker Controller, Load Tap Changer Controller, Recloser Controller, Capacitor Bank Switch, and Others. The digital relay industry has the largest market share in smart electronics. The reason for this is the increase in malfunctions caused by electrical overload. The voltage regulator behaves as follows. This is because they require less maintenance and have a strong power line. A digital protection relay is a protection relay that uses a microprocessor to monitor power supply voltage, current, or other processes to detect problems in the power system or process. Digital relays are advanced devices that incorporate many protection functions in a single unit, including measurement, communication, self-testing and other functions. These relays, often called microprocessor-type protection relays, use software-based protection methods to detect problems. The increasing quality of digital relays makes them more attractive than other relays on the market. In August 2021, IF Semiconductor (Switzerland) announced the launch of the new MasterGaN device for high-performance power conversion in the 45W and 150W range.

By Application

The automation segment is expected to grow the fastest during the forecast period. This is due to the increasing demand for electronics in various sectors such as medical, aerospace, defense, retail and home appliances. This market is expected to grow rapidly in the coming years. Public transportation has become widespread with the use of electric vehicles, and this trend is expected to continue in the coming years. Smart Electronic Devices provide powerful automation functions for electronic devices and are therefore incorporated into various automation applications. More importantly, the smart electronic equipment (smart electronic equipment) business has a large income because the sales of these devices continue and meet the demand for intelligent control and data acquisition systems (SCADA systems) and control devices (DCS). electronic equipment. Overall, the standard of job automation continues to improve and job prospects are good. One of the most important drivers of smart electronics is the increase in automation of business processes. Advances in substation automation for solar energy, combined with increasing demand for renewable energy sources, are driving market expansion.

Regional Insights

Asia Pacific region held the largest share in terms of revenue by 2023. Rising awareness about the adoption of renewable energy and increasing government initiatives in power and power generation are the main reasons for the increasing demand for smart devices in developing regions. This business in the Asia-Pacific region has growth potential. According to current analysis by industry experts, more than 40 billion devices are expected to be digitally connected. Europe is also expected to contribute to the growth of the smart electronics industry during the forecast period. As the automation industry grows, the demand for smart electronic devices that will help monitor and protect the power transformer from overcurrent and overvoltage damage will increase. North America is important in terms of increasing the use of automotive products and managing them as business processes. Industry 4.0 is the emerging industry of smart sensors. Recent advances in IoT contribute to important IED applications such as smart homes, smart grids, and smart cities. Smart electronic devices such as PLC, smart meter, digital phone are suitable for use in garages due to their small size. These are the trends and drivers of the IED industry in the region. A typical IED has 5-12 protection functions, maintenance of various devices, self-monitoring, communication, etc. It can have 5-8 control functions for which they are called smart electronic devices. Some newer IEDs are designed to support the IEC61850 substation automation standard, which provides coordination and communication capabilities.

What to Expect from Industry Profile

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Intelligent Electronic Devices market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Intelligent Electronic Devices market.

3. Leading company profiles reveal details of key Intelligent Electronic Devices market players’ global operations, strategies, financial performance & their recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Intelligent Electronic Devices market with forecast for decade by both market share (%) & revenue (US$ Million).